Lufkin Industries Announces Acquisition of Petro Hydraulic Lift Systems
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LUFKIN, Texas,Nov. 1, 2010 - Lufkin Industries, Inc. (Nasdaq: LUFK) today announced that it has acquired the operating assets of Petro Hydraulic Lift Systems, LLC (PHL) and certain related companies. PHL, based in South Louisiana, specializes in the design, manufacture and leasing of hydraulic rod pumping units for oil and gas wells.
"We believe the acquisition of PHL will be a solid strategic fit with our industry-leading artificial lift product portfolio and we look forward to working with their management team and employees," said John F. "Jay" Glick, president and chief executive officer of Lufkin.
"This acquisition is consistent with our long-term growth strategy of integrating strategic assets to leverage our position of industry leadership. The PHL hydraulic rod pumping system is a very attractive option both for producing low volume oil wells and for dewatering low pressure gas wells. This technology can help extend the life of mature oil and gas wells that traditionally would have been plugged due to well economics. We anticipate this will result in a very complementary transaction," Glick added.
Lufkin Industries, Inc. sells and services oilfield pumping units, gas and plunger lift products, foundry castings and power transmission products throughout the world. The Company has vertically integrated all vital technologies required to design, manufacture and market its products.
Contact:
Christopher L. Boone
Chief Financial Officer
936-631-2749
DRG&L:
Jack Lascar / 713-529-6600
Anne Pearson / 210-408-6321
SOURCE Lufkin Industries, Inc.
Web Site: www.lufkin.com
